The Promise credit card from the 1.27 million member, $16.8 billion PenFed offers a 7.49% APR for 36 months, and a 4.99% APR promotional balance transfer rate that is good until the transferred balance is paid off.

Cardholders must also agree to receive all PenFed Promise statements electronically. The card will eventually cost 9.99% after the promotional period expires. The rate is also tied to the prime rate and so might rise in the future.

PenFed has a wide variety of military branches, agencies, organizations and associations in its field of membership.